More growth: 'This is arguably the strongest our local housing market has ever looked'

Home sales and prices are still surging in Washington County and Franklin County, Pa., the newest reports show.

“The housing market is firing on all cylinders, showing signs of continued growth for the foreseeable future,” Craig Harshman, broker and owner of Hagerstown Management Corp., and 2021 president of Pen-Mar Realtors, wrote in an email.

More homes were sold in both counties during August than in the same month a year ago. Average prices and median prices rose by double-digit percentages in each location.

The median is the middle point, with half of the homes selling for less and half selling for more.

“This is arguably the strongest our local housing market has ever looked," Harshman wrote. "We continue to see homeowners taking advantage of historically low mortgage and refinance rates, while enjoying the benefits of increased property values.”

Washington County's average sale price jumped by 16.4% in August, the fifth-highest percentage increase in the state. Still, that figure is below the state average and the averages in 17 of Maryland's 24 jurisdictions.

“Even with the rising value of homes in our area, you can still find homes at an affordable price," Harshman wrote.

Washington County prices

In Washington County, sales rose 2.9%, from 207 in August 2020 to 213 last month, according to Monday's report from Maryland Realtors.

The average price jumped 16.4%, from $256,657 to $298,665. And the median price increased 15.7%, from $235,000 to $272,000.

The number of pending sales rose from 227 to 253.

Homes spent a median time of seven days on the market, compared to 16 in August 2020.

'Easing a little'

Statewide, homes also spent a median time of seven days on the market, down from nine in August 2020, and the statewide sales also increased 2.9%

The average price rose 8.4%, to $435,798, and the median price rose 10.3%, to $375,000.

While the numbers are still increasing, there's some evidence that the trend is slowing statewide.

“As this market continues to grow, August’s data suggests that it’s easing a little, becoming more friendly for first-time homebuyers,” Dee Dee Miller, president of Maryland Realtors, said in Monday's news release.

“We’ve watched the 2021 average sale price inching closer to 2020’s figure, from 19% in May to 8.4% this August, while at the same time witnessing months of inventory (a measure of supply) move from 0.9 to 1.1. With prices rising more slowly, it opens up additional possibilities, whether it’s a first-home purchase, second home, or even a move across town.”

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The National Association of Realtors reports a similar finding. According to its latest Weekly Sales Monitor, housing demand is easing while supply is showing signs of improvement. This has moderated the pace of prices, according to NAR research.

“It’s a promising sign, and while inventory remains tight with houses on the market for only a week before they’re purchased, there’s more that needs to happen to increase housing opportunity for all in Maryland," Miller said.

Montgomery County reported the most sales, at 1,417, and the highest average price, at $660,843. Kent County reported the fewest sales, at 41. Allengany County had the lowest average price, at $150,117.

Sales across the state line

In Franklin County, Pa., August sales rose 7.7%, from 209 to 225.

The average price jumped 12.8%, from $213,526 to $240,883. And the median price increased 13.9%, from $197,500 to $225,000.

Franklin County measures the average number of days a home is on the market before it is sold. That number fell from 59 to 21.

August home sales

The following statistics for selected Maryland jurisdictions lists the number of homes sold in August and the average price, with the percentage change from one year earlier:

Allegany County: 74 (no change); $150,117 (up 20.9%)

Carroll County: 290 (up 2.5%); $421,502 (up 3.4%)

Frederick County: 603 (up 15.3%); $445,587 (up 12.8%)

Garrett County: 60 (down 23.1%); $488,490 (up 6.4%)

Washington County: 213 (up 2.9%); $298,665 (up 16.4%)

Maryland: 9,740 (up 2.9%); $435,798 (up 8.4%)

Source: Maryland Realtors

Mike Lewis covers business, the economy and other issues. Follow Mike on Twitter at MiLewis.